Tag: Chicago pension
Who’s responsible for the Chicago Teachers Pension Fund? In response to the Illinois Supreme Court decision that the 2013 pension changes made for current workers in state plans were unconstitutional, all the major rating agencies cut Chicago’s bond ratings. Interestingly, most of the press accounts described Chicago as sponsoring four retirement plans – Municipal Employees…
Moody’s Investor Services cut Chicago’s bond rating from Baa2 to Ba1; Standard & Poor’s lowered the City’s rating from A+ to A-; and Fitch Ratings cut Chicago’s ratings from A- to BBB+. The action-forcing event appeared to be the assumption that the recent Illinois Supreme Court decision, which ruled unconstitutional the 2013 pension changes mad…
